Jammu & Kashmir Bank

Jammu & Kashmir Bank is the only publicly listed bank headquartered in the state of Jammu and Kashmir. The bank does not have a specific account for minors and provides its savings accounts for minors above the age of 10 years.

General Savings Account

This is the standard savings account of the bank and can be opened by individuals singly or jointly, by HUFs and by minors aged 10 years or above. Even organisations approved by RBI can open an account.

Features

  • Accountholders who have a chequebook need to maintain Rs. 2,000 as average monthly balance while those without chequebooks only need to have Rs. 1,000 as average monthly balance
  • Minors get their own ATM-debit card
  • The bank offers up to 30 free over the counter cash withdrawals for accountholders every 6 months
  • The international debit card comes with a limit of Rs. 40,000 for ATM withdrawals and Rs. 1 lakh for POS (card swipe) transactions
  • Jammu & Kashmir Bank offers complimentary online and mobile banking facilities for the General Savings Account
  • The bank offers a free chequebook of 20 leaves in a year. The number of leaves for senior citizens is 25

Deluxe Savings Account

This is a premium savings account offering from the bank and as with the general account can be opened by individuals, whether singly or jointly, by HUFs, by minors who are 10 years or above in age and by organisations approved by RBI to open a savings account.

Features

  • The account requires an average monthly balance of Rs. 5,000
  • As with the General account, the Deluxe account provides up to 30 free over the counter cash withdrawals for accountholders every six months
  • The debit card comes with a slightly higher ATM withdrawal limit of Rs. 1 lakh and POS (card swipe) transaction limit of Rs. 1.5 lakh
  • The Deluxe Savings Account comes with free online and mobile banking facilities
  • As with the General Savings Account, the Deluxe account comes with a complimentary chequebook of 20 leaves every year for regular users and of 25 leaves for senior citizens

General Small Account

This account is a type of savings account created to bring the unbanked population into the fold of the banking sector. Literate minors above the age of 10 years can open the account.

Features

  • The bank only needs a deposit of Rs. 50 to open the account though
  • The General Small Account has a maximum balance limit, however, of Rs. 50,000
  • It also comes with a cap on the maximum amount that can be credited in a year. It currently stands at Rs. 1 lakh
  • There is limit on number and amount of withdrawals and transfers each month (4 withdrawals and up to Rs. 10,000 in terms of amount)
  • The bank offers a chequebook if one maintains a balance of Rs.1,000 per month for at least 6 months

Reference Facts

  • Jammu & Kashmir Bank Website: jkbank.com
  • Headquarters: Srinagar, Jammu and Kashmir
  • Call Centre Number: 1800 1800 234, 1800 1800 234 (E-Banking)